Significant opportunity for expansion of
production, reserves and cash flow at low finding and development and
operating costs Over 268,000 net acres of oil and gas and coalbed methane
rights > 50% Held by Production > 40% expire greater than 5 years
Significant Undeveloped Resource Potential with large inventory of horizontal
resource development drilling locations both proved and potential Strong
technical team with acquisition, production and drilling expertise Highlights
5

Carbon New
River CNX New River Mississippian Oil Potential Monteagle / Fort Payne
Limestone Oil potential > 12 million barrels oil produced to date from
fields to the west of New River acreage Oil production established in three
wells to the east of New River acreage New River acreage block largely
untested Bryozoan-rich carbonate Mounds. Intergranular and vugular porosity
(12% - 22%). 10  40 pay zones 5 miles 16 A A